Volume Buyers

Keeping you informed and updated!

New Legislation in effect August 13th, 2012!

There is some very important news I want to share it with all of you…

The Financial Crimes Enforcement Network (FinCEN) which is a bureau of the US Department of Treasury, has published a final rule that requires non-bank residential mortgage lenders and originators to establish Anti-Money Laundering (AML) programs and file Suspicious Activity Reports (SARs) with them.  If your company makes residential loans;  is named as the person to whom residential mortgage loans are initially payable; sells manufactured homes using a retail installment contract; helps consumers complete credit applications; reviews the contents of a credit application; relays loans to/from consumer or residential mortgage lender; discusses specific financing terms with consumers, your company is covered by the FinCEN rule to have an Anti-Money Laundering Program (AML) and a Suspicious Activity Reporting Policy (SAR).

If your company’s activities are described in the definition of residential mortgage lender and/or loan originator, your company must comply.  The rule defines a Residential Mortgage Loan Originator (RMLO) as “A person who accepts a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan.”

*Note that this is NOT related to the SAFE Act and the NMLS registered Mortgage Loan Originator (MLO) program.

The FinCEN rule is effective on August 13th, 2012 and here are very important documents you should review:

“The Association has been working with MHI and others, including the Rishel Consulting Group, on the best sources of information and materials to provide to its members, including setting up conference calls and webinars. Rishel Consulting is one of a number of firms that can assist manufactured housing companies to become compliant with AML.  We are encouraging members if they determine they need to become compliant with AML regulations to do their research by going to the FinCEN website www.FinCEN.gov  and other online websites.”

“In the meantime, we are encouraging our members to read the attached materials and do a quick assessment to determine whether the FinCEN rule applies to their company.  If the company is not covered by the FinCEN rule, no further action is required.”

Two free webinars:

  • Friday, July 20th at 2 p.m. Eastern time, hosted bey Rainmaker Consulting & Rishel Consulting Group
  • Monday, July 23rd at 2 p.m. Eastern time, hosted by MHI

To register go here: https://www1.gotomeeting.com/register/314920736

*The New York Housing Association makes no warranties or guarantees, either express or implied, with respect to the content, products and services provided by either the Manufactured Housing Institute (MHI), Rainmaker Consulting or the Rishel Consulting Group.  The Association shall not be liable to any member or other party for the use of the information, products or services provided, and expressly disclaims all liability arising therefrom.


Monday, July 23rd at 2 p.m. Eastern

July 20, 2012 - Posted by | Legislation | , , , , , ,

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